May 19, 2021: Federal Minister for Privatisation Mohammed Mian Soomro on Wednesday chaired a regular weekly meeting to review and discuss the progress made so far on the privatization of selected public sector enterprises (PSEs).
A meeting was held in Islamabad which was also attended by the Federal Secretary and other senior officers of the Ministry.
The purpose of the weekly meeting is to identify the bottlenecks in each transaction at every stage and there has been considerable progress in 18 identified entities.
The recent pandemic situation is affecting the investors’ interest and timely closure of the transactions. NPPMCL for instance is, one of the major transactions which were scheduled to be completed during the current fiscal year is impacted by covid-19, and the pandemic situation is also hampering the visit from foreign investors interested in these entities.
The timeline for other transactions including SME Bank, First Women Bank Limited, Jinnah Convention Center, House Building Finance Corporation Limited, and Services International Hotel has also been extended further owing to the pandemic and resultant market conditions. However, despite pandemic restrictions, the other matters regarding the transactions are been meticulously taken up with line ministries and divisions, and most of the transactions have been at the advanced stages of completion.
Federal Minister was apprised about the status of various entities and issues thereof, to which he said that all the matters relating to the line ministries be taken up on priority. It was emphasized that all transactions should be completed with the given legal framework.
Federal Minister stressed on the revival of PSMC which would be a great boost for the economy. The Minister expressed his serious concerns regarding the delay in resolving the pending issues regarding PSM and directed those to be taken up with the Ministry of Industries.
The decision regarding the divestment of the shares of OGDCL and PPL would be finalized after the meeting of the Cabinet Committee on Privatisation, (CCoP).
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